MVP keen on Malampaya

    882

    Businessman Manuel Pangilinan is keen to bid for Shell’s stake in the Malampaya gas-to-power project.

    “We’re looking at it. We’ve been talking to JP Morgan to advise us,” Pangilinan said at a virtual briefing yesterday.

    Oil and gas exploration firm PXP Energy Corp. is being eyed as the corporate vehicle for the planned acquisition of interest in the country’s current only source of natural gas fuel.

    Shell Philippines Exploration B.V. (SPEX), operator of the Malampaya gas-to-power project, last month bared plans to divest its 45 percent stake in the resource.

    Dennis Uy’s Udenna Corp. also expressed interest to buy out SPEX in possible partnership with PNOC Exploration Corp.

    SPEX and Udenna each has 45 percent stakes in the resource and the remaining 10 percent is being held by PNOC-EC.